Provexis PLC Funding Update (7760A)
09 June 2016 - 11:29PM
UK Regulatory
TIDMPXS
RNS Number : 7760A
Provexis PLC
09 June 2016
9 June 2016
Provexis plc
Funding Update
Provexis plc ("Provexis" or the "Company"), the business that
develops and licenses the proprietary, scientifically-proven
Fruitflow(R) heart-health functional food ingredient, today
announces that it is in late stage discussions with a small group
of investors in relation to a subscription to raise further working
capital for the Company.
The proposed subscription follows guidance from the Company in
its trading update, released on 31 May 2016, that it was exploring
a number of funding options.
The Directors currently have non-legally binding indications of
interest in the subscription to raise approximately GBP160,000 at a
subscription price of 0.24 pence per ordinary share.
A further announcement on the above will be made by the Company
at the appropriate time.
ends-
For further information please contact:
Provexis plc Tel: 07490 391888
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, Finance Director
Cenkos Securities plc Tel: 020 7397 8900
Bobbie Hilliam
Notes for editors
About Provexis plc
AIM-listed Provexis is focused on the development and licensing
of its proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient.
In May 2009, the Company's Fruitflow(R) technology was the first
to be substantiated by the European Food Safety Authority ("EFSA")
under the new Article 13(5) for proprietary and emerging science.
In December 2009 the European Commission authorised the health
claim "Helps maintain normal platelet aggregation, which
contributes to healthy blood flow", which was the first wording to
be authorised under Article 13(5).
In June 2010 it was announced that the Company had entered into
a long-term Alliance Agreement with DSM Nutritional Products to
commercialise Fruitflow(R), and in June 2015 the Company confirmed
it had agreed significantly enhanced financial terms for its
Alliance Agreement with DSM for Fruitflow(R).
The Company's Alliance partner DSM Nutritional Products has
developed the market actively for the Company's novel, patented
Fruitflow(R) heart-health ingredient in all global markets, with
over 50 regional consumer healthcare brands now having been
launched by direct customers of DSM, and with a number of further
regional brands having been launched through DSM's distributor
channels.
An increasing number of further commercial projects have been
initiated by DSM with prospective customers, including some
prospective customers which are part of global businesses, with
good prospects for these projects to be launched as consumer
products. Interest in the technology exists in all major global
markets.
In June 2016 the Company expects to launch a high quality
dietary supplement product containing Fruitflow(R) and Omega-3
which will be sold initially from a separate, dedicated website
www.fruitflowplus.com on a mail order basis.
The Company is engaged in a two stage collaboration agreement
with the University of Oslo ('the University') to undertake further
research into the relationship between Fruitflow(R) and blood
pressure regulation. The Company is very pleased with the
encouraging results from the first stage of the collaboration with
strong evidence that a standard dose of Fruitflow(R) has the
potential to give a clinically relevant reduction in systolic blood
pressure. The Company and the University are now in the process of
conducting a small clinical trial by way of a proof of principle
study.
On 4 June 2015 the Company announced it had joined
PrimaryBid.com (www.primarybid.com), the online platform dedicated
to equity crowdfunding for AIM-listed companies.
PrimaryBid.com provides a new channel for the Company to raise
equity from investors, allowing investors to bid directly for new
shares in the Company at prices of their choosing, subject to
certain limited restrictions. Full details can be found on
www.primarybid.com.
Provexis was founded in 1999 and is headquartered in Reading,
Berkshire.
Provexis shares are traded on the AIM market of the London Stock
Exchange under the ticker symbol PXS.
For further information, please visit www.provexis.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBXGDLIDGBGLC
(END) Dow Jones Newswires
June 09, 2016 09:29 ET (13:29 GMT)
Provexis (LSE:PXS)
Historical Stock Chart
From Apr 2024 to May 2024
Provexis (LSE:PXS)
Historical Stock Chart
From May 2023 to May 2024